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CREDIT AND INSURANCE


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Posted by LINDA (24.24.231.181) on November 06, 2003 at 16:04:10:

I thought this article might be of interest to those of us trying to rebuild our credit.

"Credit Rating Could Affect Insurance Premiums
Companies Say Conservative Spending Equals Conservative Driving

POSTED: 11:52 a.m. EST November 6, 2003

CINCINNATI -- Many drivers are having their car premiums increase despite not having any accidents or citations.

WLWT-TV reported Wednesday that insurance companies now are using motorists' credit ratings to determine whether they're safe drivers. There's apparently a lot of debate between agents, more of whom are beginning to believe that the more conservative you are with your money, the more conservative you are on the road.

'The example we just had where a client gets a price from an agent does not recognize the fact that their credit score is involved in it,' local insurance expert Jack Grever said. 'The agent didn't tell them that. That's not legal to begin with.'

Grever added that he hopes companies stop relying so heavily on credit since it doesn't always define who you are.

'I don't see any immediate end to this in the future,' he said. 'I think we'll see a few more years before this is resolved.'

Credit reporting agencies are required to give you a copy of your report if you request it, Robertson reported. Most charge a small fee, but it could save you money in the long run."



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